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Tax relief for small cryptocurrency transactions

This act aims to simplify tax reporting for small gains from cryptocurrency trading. Citizens will not have to pay tax on gains under $50 from single transactions, making everyday use of digital currencies easier.
Key points
Tax exemption for cryptocurrency gains up to $50 per transaction.
Changes apply to transactions made after December 31, 2022.
The $50 limit will be adjusted for inflation starting in 2023.
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Expired
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Additional Information
Print number: 117_S_4608
Sponsor: Sen. Toomey, Patrick [R-PA]
Process start date: 2022-07-26
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Virtual Currency Tax Fairness Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4608.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-07-26.

What are the main provisions?

Key points include:

  • Tax exemption for cryptocurrency gains up to $50 per transaction.
  • Changes apply to transactions made after December 31, 2022.
  • The $50 limit will be adjusted for inflation starting in 2023.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Toomey, Patrick [R-PA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy